Certainly, if a man will keep but of even hand, his ordinary expenses ought to be but to the half of his receipts; and if he think to wax rich, but to the third part. It is no baseness for the greatest to descend and look into their own estate. Some forbear it, not upon negligence alone, but doubting to bring themselves into melancholy, in respect they shall find it broken: but wounds cannot be cured without searching. He that cannot look into his own estate at all had need both choose well those whom he employeth, and change them often; for new are more timorous and less subtle. He that can look into his estate but seldom, it behoveth him to turn all to certainties. A man had need, if he be plentiful in some kind of expense, to be as saving again in some other: as if he be plentiful in diet, to be saving in apparel; if he be plentiful in the hall, to be saving in the stable and the like: for he that is plentiful in expenses of all kinds will hardly be preserved from decay.

It may be new to his Grace, but I beg leave to tell him that mere parsimony is not economy. It is separable in theory from it; and in fact it may or it may not be a part of economy, according to circumstances. Expense, and great expense, may be an essential part in true economy. If parsimony were to be considered as one of the kinds of that virtue, there is, however, another and an higher economy. Economy is a distributive virtue, and consists, not in saving, but in selection. Parsimony requires no providence, no sagacity, no powers of combination, no comparison, no judgment. Mere instinct, and that not an instinct of the noblest kind, may produce this false economy in perfection. The other economy has larger views. It demands a discriminating judgment, and a firm, sagacious mind. It shuts one door to impudent importunity, only to open another, and a wider, to unpresuming merit. If none but meritorious service or real talent were to be rewarded, this nation has not wanted, and this nation will not want, the means of rewarding all the service it ever will receive, and encouraging all the merit it ever will produce. No state, since the foundation of society, has been impoverished by that species of profusion.

As boys should be educated with temperance, so the first greatest lesson that should be taught them is to admire frugality. It is by the exercise of this virtue alone they can ever expect to be useful members of society. It is true, lectures continually repeated upon this subject, may make some boys, when they grow up, run into an extreme, and become misers; but it were well had we more misers than we have amongst us.

It is no small commendation to manage a little well. He is a good wagoner that can turn in a little room. To live well in abundance is the praise of the estate, not of the person. I will study more how to give a good account of my little, than how to make it more.

Economy is the parent of integrity, of liberty, and of ease; and the beauteous sister of temperance, of cheerfulness, and health; and profuseness is a cruel and crafty demon that gradually involves her followers in dependence and debts; that is, fetters them with irons that enter into their souls.

Frugality may be termed the daughter of prudence, the sister of temperance, and the parent of liberty. He that is extravagant will quickly become poor, and poverty will enforce dependence and invite corruption.

All to whom want is terrible, upon whatever principle, ought to think themselves obliged to learn the sage maxims of our parsimonious ancestors, and attain the salutary arts of contracting expense; for without economy none can be rich, and with it few can be poor. The mere power of saving what is already in our hands must be of easy acquisition to every mind; and as the example of Lord Bacon may show that the highest intellect cannot safely neglect it, a thousand instances every day prove that the humblest may practise it with success.